Block & Leviton LLP Investigates Marrone Bio Innovations After The Company Announces Audit Committee Investigation

BOSTON, Sept. 3, 2014 /PRNewswire/ -- Shares of Marrone Bio Innovations ("Marrone" or the "Company") (NASDAQ: MBII) have plunged precipitously on news that the Company has initiated an internal investigation by the audit committee of its board of directors.  The Company, formerly known as Marrone Organics Innovations Inc., stated that it has uncovered issues with its accounting and concluded that its financial statements for the fiscal year ended December 31, 2013, the unaudited interim financial statements for the three month period ended March 31, 2014, and the three and six month periods ended June 30, 2014, should no longer be relied upon as being in compliance with generally accepted accounting principles.  The investigation is ongoing and the quarters and years which need to be restated may expand.

The issues are believed to have been uncovered during the Company's accounting for the revenue recognition of a transaction in the fourth quarter of 2013.  Marrone alerted the United States Securities and Exchange Commission ("SEC") of the issues through a filing made on September 3, 2014.

Marrone first reported the internal issues on the morning of September 3, 2014.  Upon absorbing the news, the trading price of the Company's stock price dropped over 36%, falling from a closing price on Tuesday, September 2, 2014, of $5.65 to as low as $3.38 in early trading on September 3, 2014.  

Block & Leviton LLP is investigating the Company and certain of its officers and directors to determine how widespread any potential accounting violations extend and whether any insiders at the Company personally profited by the alleged accounting improprieties. 

If you purchased Marrone securities and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte of Block & Leviton LLP at (617) 398-5600 or at [email protected].  Confidentiality to any whistleblowers or other persons with information relevant to the investigation is assured.

Block & Leviton is a Boston-based law firm representing investors for violations of securities laws.  The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 70 years.

This notice may constitute attorney advertising. 

Contact:         
BLOCK & LEVITON LLP
Steven P. Harte
(617) 398-5600
[email protected]

SOURCE Block & Leviton LLP

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